NEW YORK, April 30, 2014 /PRNewswire/ – Tishman Speyer, one of the world’s leading developers, owners, operators and asset managers of first-class real estate, today announced the acquisition of adjacent, undeveloped parcels in the burgeoning Hudson Yards district of Midtown Manhattan.
The assembled development site, which was acquired in separate transactions, consists of a full block stretching from West 34th to West 35th Streets and from 10th Avenue to the to-be developed Hudson Park and Boulevard.
The assemblage, along with the ability to purchase additional development rights that are available to Hudson Yards district developers, offers Tishman Speyer the rare opportunity to develop and construct a 2.85 million square foot tower in the heart of Manhattan’s expanded west side neighborhood and business district. While the new development could include a wide range of uses, the site’s location and configuration are ideally suited to support a mix of offices and street-level retail.
“For several decades, Tishman Speyer has been one of the world’s most active ground-up developers and investors, with projects currently being constructed or in the pipeline on four continents,” said Tishman Speyer Co-CEOs Jerry Speyer and Rob Speyer. “We are very bullish on New York City and Hudson Yards, and found this to be the perfect time, development site and opportunity to participate in establishing Hudson Yards as the world’s next great commercial district and neighborhood.”
Rezoned in 2005, the Hudson Yards district, bounded by West 42nd Street, Eighth Avenue, West 30th Street and Hudson River Park, allows for 26 million square feet of office space, 20,000 units of new housing, 2 million square feet of retail space and 3 million square feet of hotels. In addition, the neighborhood will be bolstered by the soon-to-be-completed extension of the number 7 subway line, a new Hudson Park and Boulevard and completion of the final phase of the High Line elevated park.
Firm reveals all-in development price for 61-story building in an application with city agency
July 07, 2014 01:20PM
By Rich Bockmann
From left: Tishman Speyer’s far West Side development site, Jerry Speyer and Rob Speyer
Tishman Speyer has put a $3.2 billion price tag on its 2.6 million-square-foot office tower in Hudson Yards, which will rise 61 stories when completed in late 2019.
The company, which earlier this year snapped up a pair of development sites at 34th Street and 10th Avenue, estimates the total cost of developing its office tower at $3.2 billion, according to an application filed with the New York City Industrial Development Agency.
By way of comparison, the country’s most-expensive office tower, the GM Building, is valued at $3.4 billion.
The IDA is offering Tishman a 25-year exemption of property taxes worth about $170 million. The building, which the developer is looking to construct to LEED Gold standards, will include 57,000 square feet of retail space.
Earlier this year Tishman paid $438 million for the far West Side properties, one of which had been marketed by Massey Knakal as the “Hudson Spire” development site with the potential to build the country’s tallest building, surpassing the 104-story One World Trade Center.
Tishman’s building, however, is planned for only 61 stories. The company intends to begin construction in the third quarter of 2015 and finish four years later.
^^^lol
With a $3.2B price tag, I think this thing is going to stun. Hopefully sometime this summer we can get some info as far as architect or even some renderings. Here’s hoping for ~1,400 footer.
I agree, VG. It’s great to discuss this tower without anti-New York morons like I Love Classic C.ock, Patycakes, and Spectre chiming in with their stupidity and envy.
As set forth in the attached video, Related is supposedly negotiating with financial institutions. 50 HY fits the bill, but so does Tishman’s Spire. In fact, I recall that Tishman was supposedly negotiating with Deutsche Bank.
P.S.: The smokin’ Asian babe, Betty Liu, gives me yellow fever.
Now with news with Newscorp failed attempt to acquire Times Warner, there still could be a remote possibility that it could happen. If it does…Maybe Newscorp sets up in the Spire right next to Warner Center (30 Hudson). Murdoch would love to have all of his operations within reach.
I expect something similar in height (maybe a bit taller) to One Vanderbilt but with a nicer design. That’s taking nothing away from One Vandy. I like that tower.
I believe that the following article regarding an, as of yet, undisclosed tower by BIG refers to Tishman’s Hudson Spire. Although trading has been limited by Dodd-Frank, it certainly will come back, and I suspect that this tower will have an enormous trading floor. I speculate that JPMC will anchor it, although Deutsche Bank or HSBC are also candidates.
“To welcome his staff to their new home, Ingels calls for a midmorning champagne toast. Someone plays Sinatra’s “New York, New York,” and then Ingels gives a speech. He rattles off a list of exciting projects, many of them not yet public, including a second Manhattan skyscraper. “It’s not every day that you do a 1,200-foot tower in New York City,” he quips. “But it feels like every day.””
Also, earlier in the article, it refers to four BIG projects that will transform the Hudson River skyline. We know about:
200 Greenwich;
The 57th St pyramid; and
The HFZ project in Chelsea.
I’m unaware of a 4th. I believe that this refers to Tishman’s HY tower!
